If you want to earn an A+ in fashion, look no further than the latest It accessory.

The backpack was already making a quiet comeback for a few seasons, but no one did it better than Karl Lagerfeld for Chanel’s spring 2014 runway show: Crafted from canvas and embellished with friendship bracelet-like ropes, the graffiti-print CC signature elevates this kiddie accessory into seriously haute territory.

So does its price tag (from $3,400 to $3,800; for more details, click here.

Terrifying? Intimidating? Awesome?

Yep. But that’s what makes it so covetable.

Just ask this slew of cool girls who have been spotted casually slinging it around town:

Chlöe Grace Moretz

Splash News (2)Fresh from her front-row seat at the Giorgio Armani Privé show in Paris this past June, the trendy teenager earns extra credit for hitting some accessory high notes as she arrives in LAX: Chanel backpack, hipster shades and a super sparkly pair of sneakers.

Oh, and her brother.

Lily Allen

Startraks Photo (2)The songbird swaps her black-tie-ready Chanel candy clutch for a more cazh vibe while cruising through Heathrow Airport in May.